Buying Time for Nickel Arrives? SMM Reports

Published: Apr 20, 2016 17:58

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LME nickel climbed above $9,000 per tonne, and short-term rising momentum has been asserted in nickel market, Shanghai Metals Market predicts.

SHANGHAI, Apr. 20 (SMM) – LME nickel climbed above $9,000 per tonne, and short-term rising momentum has been asserted in nickel market, Shanghai Metals Market predicts.

“Rising momentum in the nickel market is expected to continue into mid May, and investors are advised to entering the market when nickel prices make corrections during the period,” SMM nickel analyst points out.

Nickel Rising Momentum Wanes, SMM Says

Price in nickel ore, NPI and stainless steel markets has also advanced in recently. Downstream producers turn wary of purchases after price gains in the nickel market, but rising prices of stainless steel products and neighboring market will push up nickel plate prices.

According to SMM data, the average price of SMM #1 refined nickel gained 4 per cent as of April 20, compared with level seen in early April.

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